Venezuela Opens State-Funded Crypto School as Citizens Starve

Days after launching the world’s first ever state-issued cryptocurrency, the government of Venezuela has opened up a cryptocurrency school for its citizens — presumably to educate them on the glory of Petro.

Prioritizing Petro

According to reports, the government of Venezuela has opened the doors to a cryptocurrency training center at the Granja Laboratorio Petro School in Caracas — supposedly to educate interested citizens on how to buy, sell and mine cryptocurrencies, as well as illustrate the inner working of the cryptocurrency economy.

Venezuelan crypto teacher Carmen Salvador told Reuters on Friday:

What we hope to do with this, primarily, is to make knowledge accessible like any new methodology or technology. Often times, access is difficult for those that don’t have resources, so we’ve designed this plan with a completely free training, and in any international market a trading course cost more than $500 to $800. Many of our young people here find it impossible to have this amount of resources, [but] the Venezuelan state is guaranteeing that all can participate through these plans.

Meanwhile, the Venezuelan state is proving itself incapable of providing basic necessities and ensuring its citizens have enough food available — as an extreme economic crisis has spurred on severe food shortages, unemployment, and poverty.

Additionally, it is worth noting that, since the school has been officially opened by the state of Venezuela, it is highly probable that the school’s focus is centered more on Petro than on other cryptocurrencies like Bitcoin, Ethereum, Ripple, and NEO — though this assumption remains unconfirmed.

First Government-Issued Scamcoin?

Petro, the world’s first ever state-issued cryptocurrency, was issued only days ago, in response to international sanctions imposed by the US and European Union.

Each Petro token is purportedly backed by one barrel of the oil-rich country’s richest natural resource, but many believe said oil has yet to be pumped from the ground. Furthermore, the government of Venezuela is not in complete control of the nation’s oil-drilling ventures, leading to further speculation as to how reliable the cryptocurrency can be.

Venezuelan President Nicolas Maduro has also recently announced his intention to launch a second government-issued cryptocurrency, called Petro Gold — supposedly backed by the country’s precious metal.

Opponents of Petro claim that investing in Venezuela’s cryptocurrency is akin to financially supporting a corrupt government unable to provide basic necessities to its citizens while cracking down on their human rights.

What are your thoughts on Petro? Do you think the government-issued cryptocurrency has any chance of success? Let us know in the comments below!

Images courtesy of Shutterstock, Reuters, WikipediaCommons

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